FEEDI just received an email from my bank stating that it has raised rates from 4.25% to 4.35%. Although I have my checking with a Bank of America, a traditional banker, my savings is with Ing Direct. I just checked the current savings rates at Bank of America, to my amazement; they are still only paying 0.5%. What a joke? If you are not using an internet savings account from companies such as Ing Direct, Emigrant Direct or HBSC Direct you are doing yourself a disservice. To attain financial freedom, you must optimize the return on your assets. 4.35% vs. 0.5% is a no-brainer.
I am considering opening an account with Emigrant Direct. Their current savings rate is 5%. I briefly considered Emigrant when I opened my Ing account last year. However, at the time they seemed to experiencing growing pains. I have been quite pleased with Ing and have had no problems to date.
Update: 6/13/07
I have been using Ing Direct for well over a year now and have had absolutely no problems with the bank. All deposits and withdrawals were executed in a very timely manner. I have also opened an account with Emigrant Direct and so far so good.
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